Baker Hughes Invests in Ekona Power to Accelerate the Delivery of a Lower-Carbon Hydrogen Production Solution
09 November 2021 - 2:00PM
Business Wire
- Investment will advance development of a novel methane
pyrolysis technology platform to produce cleaner and lower cost
turquoise hydrogen
- Compared to the traditional steam methane reforming process
used for producing industrial scale hydrogen, Ekona’s novel methane
pyrolysis process can produce hydrogen with drastically lower
carbon dioxide emissions
- Technology applicable for multiple markets including
refineries, ammonia or chemical plants, as well as natural gas
transmission and distribution companies looking to reduce their GHG
emissions footprint
Baker Hughes (NYSE: BKR), an energy technology company, has
announced an investment in Ekona Power Inc., a growth stage company
developing novel turquoise hydrogen production technology. Through
its investment, Baker Hughes will enhance its broader hydrogen and
natural gas decarbonization solutions portfolio, further
contributing to the energy transition.
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Turquoise hydrogen is made from methane using pyrolysis, also
known as splitting, or cracking. Ekona’s methane pyrolysis solution
uses combustion and high-speed gas dynamics in a reactor to
separate feedstock methane into hydrogen and solid carbon,
drastically reducing carbon dioxide emissions versus the
traditional and prevalent steam methane reforming process. The
innovative solution is designed to easily integrate with standard
equipment for natural gas and hydrogen applications including
carbon separation and hydrogen purification, thus simplifying
industrial process integration.
The two companies will join efforts to accelerate the scale up
and industrialization of the technology by identifying suitable
pilot projects and leveraging Baker Hughes’ leading turbomachinery
portfolio as well as established technical expertise in providing
modular and scalable solutions for global hydrogen and natural gas
projects.
“This strategic investment further demonstrates our commitment
to advancing new energy frontiers by accelerating the pace at which
novel technologies are being brought to market,” said Rod Christie,
executive vice president of Turbomachinery & Process Solutions
at Baker Hughes. “Ekona Power’s methane pyrolysis platform for the
production of cleaner and lower cost turquoise hydrogen builds on
our growing and diverse portfolio of decarbonization technologies,
including blue and green hydrogen, CCUS and emissions management
solutions. Through the adoption of this technology, the industry
can leverage existing and abundant natural gas reserves to produce
lower carbon hydrogen and accelerate its use across the energy
value chain.”
“At Ekona, we are deeply committed to delivering cleaner energy
solutions that cost-effectively address industry pain points. Our
innovative technology has the potential to produce hydrogen at
costs on par with conventional steam methane reformers, while
drastically reducing greenhouse gas emissions. In addition, our
solution isn’t reliant on CO2 sequestration, so it has the
potential to be quickly and broadly deployed across various
industries and market regions,” Chris Reid, chief executive officer
of Ekona Power Inc. “This important investment from Baker Hughes
who is an established global player is a key step to
commercializing our technology.”
Baker Hughes will take an approximately 20% stake in Ekona to
help advance new project development and commercialization. Baker
Hughes will also assume a seat on Ekona’s Board of Directors. Fort
Capital Partners acted as advisors to Ekona Power. Along with lead
investor Baker Hughes, Ekona has been supported by numerous
Canadian Federal and Provincial partners, including the BC
Innovative Clean Energy (ICE) Fund, National Research Council
(NRC), Natural Resources Canada (NRCan) Breakthrough Energy
Solutions Canada (BESC) Program, Emissions Reduction Alberta (ERA),
the Natural Gas Innovation Fund (NGIF) and Pacific Economic
Development Canada. In addition, BDC Capital’s Cleantech Practice
invested in 2020 to help fund Ekona’s technology development
program.
About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that
provides solutions for energy and industrial customers worldwide.
Built on a century of experience and with operations in over 120
countries, our innovative technologies and services are taking
energy forward – making it safer, cleaner and more efficient for
people and the planet. Visit us at bakerhughes.com.
About Ekona Power Inc.
Ekona is a Vancouver-based venture established by Evok
Innovations and Innovative Breakthrough Energy Technologies. Ekona
is developing a revolutionary technology that transforms the way we
produce clean hydrogen. Our solution is an innovative and low-cost
methane pyrolysis platform that converts natural gas into hydrogen
and solid carbon, virtually eliminating greenhouse gas emissions.
Visit us at ekonapower.com
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version on businesswire.com: https://www.businesswire.com/news/home/20211109005526/en/
For Baker Hughes: Media Relations Stephanie Price
+1 281 605 8399 stephanie.price@bakerhughes.com Investor
Relations Jud Bailey +1 281-809-9088
investor.relations@bakerhughes.com For Ekona Power Inc.:
Anuneet Makan Anuneet@magnoliamc.com + 1 604-339-6671
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